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PCE Signals Stagflation

Core PCE came in hot this morning, tagging 2% (1.9% core.) Expenditures rose 0.4% MoM, beating income.Needless to say, this falls short of the reality experienced by most Americans, who have seen a 15-20% YoY increase in gasoline prices with the seasonal summer bump still ahead.

Will the 10Y take its cues from problematic inflation and the Fed’s tightening schedule, or from the fact that market leadership seems to be rolling over?continued for members…